How Profitable is Paint Production Business In Nigeria 2019/2020
How Profitable is Paint Production Business In Nigeria 2019/2020
- 1 How Profitable is Paint Production Business In Nigeria 2019/2020
- 1.1 How to begin A Paint Production Business
- 1.2 Raw materials Needed For Producing Paints
- 1.3 Paint Production ChemicalsPAINT PRODUCTION CHEMICALS
- 1.4 Size of Your Paint Production Business
- 1.5 Marketing Of Your Paint Production Business
- 1.6 Other Amazing Business You Can venture Into Today
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Starting a paint production/manufacturing business in Nigeria is very profitable when done well, with an extensive knowledge and materials, attaining the rank of millionaires becomes very much possible in this entrepreneurial path.
Going by the alarming unemployment rate in the country, O3TECHY encourages self-reliant which its main core is rooted in entrepreneurship. There is no need crying that there are no jobs when there are high demands for basic products such as paints.
Development is ongoing everywhere in the country. Many houses are being built, hotels, schools, offices etc. They need paint for the finishing of the building which is why paint production business is the ideal business that will make a lot of difference in your life.
Imagine if you hit a contract, perhaps to take over the painting of a hotel or school? A single contract such as this will no doubt transform your financial status to the better.
In this article, I’m going to guide you on how you can start this lucrative business here in Nigeria without any hurdle at all. shall we go to the business of the day?
How to begin A Paint Production Business
1. Intensive Research
The first step in starting a paint production business is to conduct an intensive research that exposes the nitty-gritty of the business and the basic materials and equipment needed to make this business functional. You need to find out the amount needed to start this business, where your target market is, competition and the production processes involved.
Your research at this stage will help you write a detailed paint production business plan which you might also need when seeking for loan or grants and also, to serve as a map to success.
2. Deep Knowledge
To start this lucrative manufacturing business, you need to know the art and science of paint making. You do this by enrolling or working under another paint production company for at least, six months or more. You need this to be successful, overlook it and you will be kicked out of the marketplace by better competitors.
3. Registration and Legalities
To start up on a professional ground, registering your business with the corporate affairs commission will be a nice option to consider. Get to a lawyer who will guide you through the whole process of having your business registered with the appropriate authorities.
Apart from starting out on a good ground, registering your business makes your business more attractive to investors and angels.
3. Business Location
The location of your business is very important if success must be assured. When settling for a business location, consider some factors like good roads, closeness to target market and the availability of local infrastructures like electricity, water and labor.
4. Recruit Workers
If you’re starting your paint production business on a medium or large scale, then you need to hire or employ some staff like the cashier, accountant, driver, paint mixers, marketers etc. You can’t do this business alone no matter how perfect or efficient you are. You really need as many hands as possible to make your dream in business become a reality.
Raw materials Needed For Producing Paints
To commence production of paint, you’ll need to make sure you have all the necessary materials and equipment in place like emulsion, gloss, textured and ceiling paints and the basic components are:
- The solvent
Paint Production ChemicalsPAINT PRODUCTION CHEMICALS
- These chemicals can be used to produce the following paints: Emulsion paints, Texcoat paint, Silk paints, Screeding paints, P.O.P. paints, Satin paints, Stucco paints, Road marking paints, Anti-rust paint, Primer undercoat paints, Aluminum paints, Fire retardant paints, Gloss Oil enamel, Mosquitoes Insect repellent paints.
Size of Your Paint Production Business
In paint production business, you have to determine how big or small you want to start. This size is determined by your financial capability and business location.
1. Small Scale Paint Business
With N200,000 – N300,000, you can start a small scale paint production business here in Nigeria. You don’t need a factory if you’re starting on a small scale, what you need is a space where you can stay and mix your paint with your hands. If you have the fund, going for the portage electric mixer will be an ideal choice.
2. Medium Scale Paint Business
You’ll need between N2-12 Million naira to start a medium scale paint production business. With this scale, you need equipment such as mixing tank, sand mill and paint filter machine to produce large volumes of paint in the least amount of time and truck for delivery.
3. Large Scale Paint Business
This is the big deal and usually attracts big contracts like government real estate deals. With at least, N20 – 50 million naira, you can start your paint production business on a large scale. You will need relevant machines like electric grinding and milling machine etc.
Marketing Of Your Paint Production Business
This is the backbone of your business and you dare not joke with it to avoid staying a whole year without any order. If you’re starting on a medium or large scale, employing marketers or creating a marketing department should be carried out immediately after business inception.
There are numerous ways you can market your paint product, either through print (Newspaper & Magazine) or digital media like Facebook, twitter, etc.
Paint production business is a profitable business that spills money in bulk and if started on a large scale, ensures the inflow of millions nonstop. Once you hit a contract, your bank account smiles in return
That’s the much we can take on the topic “How Profitable is Paint Production Business In Nigeria 2019/2020”.
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